Understanding the Importance of IFRS 16 Lease Accounting
The International Account Standards Board created IFRS 16 to recognize, measure, present and disclose right-of-use assets.
How IFRS 16 Impacts Companies Today
With a single lessee accounting model, lessees are not required to recognize assets and liabilities for all leases with a term of more than 12 months, with some exception. This results in a major change in financial statements of lessees of property and high-value equipment and lease accounting processes.
This change means significant financial liabilities cannot be left off of the company’s balance sheet
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